By Bob Van Voris - Oct 15, 2011 3:41 AM GMT+0700
Chubb Corp. (CB) and four other insurers should be awarded $9.4 billion in damages in their suit against al-Qaeda over the Sept. 11 terrorist attacks, a U.S. judge recommended.
U.S. Magistrate Judge Frank Maas in Manhattan said today that the insurers, which sued for money they paid to policyholders to cover business and property losses, should recover triple damages under the U.S. Anti-Terrorism Act.
The insurers won a default judgment in 2006 against al- Qaeda, the radical Muslim terrorist organization behind the attacks, after the group didn’t contest the suit.
Maas gave the parties 10 days to file any objections to his report and recommendations to U.S. District Judge George Daniels. Daniels, who is presiding over the case, will then decide whether to award the money.
The case is Federal Insurance Co. v. Al Qaida, 03-CV-6978, U.S. District Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Bob Van Voris in New York at rvanvoris@bloomberg.net
To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net
Posts
No comments:
Post a Comment